“Labour isn’t working” was the clever slogan with which Margaret Thatcher won the election in 1978 after many years of Labor supremacy (although there was a break between 1970 and 1974). Above all, the “Iron Lady” promised to tackle the nightmare of unemployment, which had soared to record post-war levels in Britain.

After 46 whole years, while the British are realizing that the conservative agenda for the economy is not “working” ideally, or at least not performing properly in Brexit conditions, another “iron lady” is called upon to find the recipe for an economic development without new over-indebtedness of the state, but also without an excessive tax burden on the citizen.

Rachel Reeves, a former Bank of England official, is the first woman to take over the Treasury. Like Prime Minister Keir Starmer, he does not come from a “fireplace”, but from a humble English family. He entered politics during the Tony Blair era. Today Reeves is committed to “strict discipline” in government spending, but also a more “creative role” for the state in planning economic policy. She also promises “not to waste time”, as she stated speaking to representatives of the business world.

“Inventory” and agenda change?

“Where the previous governments did not want to make difficult decisions or waited longer than they should have, I will not hesitate” clarifies the new finance minister. “As long as we were in the opposition, ‘development’ was our main mission. It is now a national mission. There is no time to waste…”

For 2024, the growth index of the British economy is not predicted to exceed 1%, while the purchasing power of the British fluctuates more or less at the levels of 2010. The public debt reaches 100% of GDP. Critical state infrastructures such as the National Health System (NHS) need immediate support and modernization. However, the tax increases will be minimal if Labor does deliver on its election promises. Or do things change post-election, after a thorough inventory of public finances has preceded it?

Rachel Reeves could be hinting at this when she said: “I have instructed ministry officials to undertake an estimate of the level of spending commitments so that I have a full picture of the challenge we face. I will present this estimate to Parliament separately from the budget, which will be tabled later in the year. The exact date will be confirmed in due course.”

Another ‘glass ceiling’ breaks

Otherwise: Is it really worth mentioning that a woman is taking on such a demanding portfolio as the Ministry of Finance for the first time? But since this is not the case, Rachel Reeves speaks openly about the “glass ceiling effect”. This is the invisible limit that, based on gender or origin or social origin, puts obstacles to a promotion or development, but without this being explicitly mentioned.

“The office of Chancellor of the Exchequer has existed for 100 years, but it has never been held by a woman,” says Rachel Reeves. “So I have the feeling that I am at one of the last ‘glass ceilings’ in politics and I feel pride, but at the same time a great responsibility, so that we can all co-shape, for our daughters and granddaughters, a friendlier society and economy to women”.

APTN, dpa, ARD